Bitcoin Vs Bitcoin Cash (BTC Vs BCH)

Bitcoin (BTC), the only big player in the cryptocurrency universe, facing competition from many forks in pipelines but what threatens to divide the entire crypto community is Bitcoin Cash (BCH). Bitcoin started in the year 2009 with the promise of an easy, fast, and inexpensive method of transacting across borders. In 2017, however, Bitcoin transactions have been slower than usual with higher fees of $6+ per transaction. Some believe this is due to Bitcoin's scaling problems eventually manifesting themselves in the shape of high fees. Others think the spike in fees can have come from an attack on the network. Here is a chart from bitinfocharts for transaction fee comparison for BTC vs BCH over last year.

A group of crypto developers eventually decided to do something about higher fees and a long confirmation time and decided to create a new version of Bitcoin, Bitcoin cash, BCH. It is more aligned with the idea of an easily transact able currency, as opposed to a digital store of value they felt Bitcoin had become. Their vision became a reality in August 2017. Bitcoin cash, BCH, is identical as to the old bitcoin, BTC. Anyone who owned Bitcoin prior to the August first creation date was credited with an equal amount of Bitcoin Cash. The main difference between the two is that bitcoin cash has a higher size of the maximum block size, allowing a larger daily throughput of transactions. The wanted effect of the block size increase was to reduce fees and network congestion, which it seems to have accomplished. We have compared both, Bitcoin (BTC) and Bitcoin cash (BCH) side by side to come up with a clear picture of differences between two.

Sr. No.

BTC

BCH

Contributor

1

Started in 2009

Started in 2017

2

Total coin supply of 21 million

Total coin supply of 21 million

3

New bitcoins are created by process of mining

New bitcoin cash are also created by means of mining and claiming against existing bitcoin in the wallet at the time of fork

4

Mining algorithm is SHA256

Mining algorithm is SHA256. This means existing bitcoin mining hardware can be used for BCH

5

To confirm every block, it takes around 10 minutes

To confirm every block, it takes around 10 minutes

6

Maximum block size is 1 MB(with SEGWIT it goes around 4MB)

Maximum block size is 8MB

7

Difficulty is adjusted every 2 weeks

Difficulty is adjusted every 2 weeks along with Emergency difficulty adjustment (EDA)

8

~ 1.4 million max transactions per day

~ 4.8 million max transactions per day

9

Segregated witness (SEGWIT) is supported

SEGWIT is not supported

Do you know any other differences between BTC vs BCH? If yes then let everyone know in comments below. We will update contributor's name in above table.

PC: pablo, pixbay

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Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

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